Charts of the week from 2 to 6 September 2024: unemployment, value of fiscally verified invoices, exports and imports of goods
According to seasonally adjusted data, the number of registered unemployed continued to decline month-on-month in August. The nominal value of fiscally verified invoices increased by 6% year-on-year in August, similar to the growth observed in July. Year-on-year growth in trade has nearly halved compared to the previous…
Charts of the week from 26 to 30 August 2024: consumer prices, active and inactive population, turnover in trade and other charts
Inflation continued to decrease in August, reaching 0.9% year-on-year. This decline was again primarily driven by the…
Charts of the week from 19 to 23 August 2024: number of persons in employment, average gross wage per employee and Slovenian industrial producer prices
In June, the number of persons in employment remained unchanged month-on-month, while year-on-year growth fell slightly…
Charts of the week from 22 July to 16 August 2024: GDP, consumer prices, electricity consumption by consumption group and other charts
GDP grew only slightly in the second quarter, rising by 0.7% year-on-year, indicating a significant slowdown in…
National productivity board
IMAD analyses productivity and competitiveness as the national productivity board
GDP and prices
Economic growth will pick up this year (2.4%), albeit somewhat more modestly than what we forecast in the autumn (2.8%). Economic activity will benefit from continued investment growth, easing of inflationary pressure and a recovery in foreign demand, although this will be somewhat weaker than expected in the autumn. We expect GDP growth to increase slightly in the next two years. Inflation is expected to gradually moderate for most of this year before rising towards the end of this year and early next year due to the base effect and the expiry of measures to contain high energy prices. We expect inflation to approach 2% in 2026.
Labour market
The increase of employment and the decline in unemployment are set to moderate further this year. Employment will not increase significantly in the next two years, and the labour shortage will be somewhat alleviated by certain measures to facilitate the recruitment and hiring of foreign workers, which should be further strengthened. As in recent years, the employment of foreign workers will be the key to employment growth.
International trade
We expect a recovery in goods exports this year after last year’s decline and slightly higher growth in value added in manufacturing, while growth in services exports will be driven mainly by growth in tourism-related services. Growth will be curbed by a further deterioration in competitiveness as a result of increased domestic cost pressure. With the gradually higher growth in foreign demand, we expect higher growth in exports and related activities in the next two years.
IMAD
The Institute of Macroeconomic Analysis and Development of the Republic of Slovenia is an independent government office.
The Institute performs the following tasks:
- it monitors and analyses current trends and development in its economic, social and environmental dimensions;
- it monitors and analyses the achieving of the development objectives of the country;
- it prepares macroeconomic forecasts and other expert groundwork that serve as the basis for budgetary planning and formulating economic policy measures;
- it analyses productivity and competitiveness as the national productivity board;
- it carries out research work.